line of credit against multiple properties
Hey BP community, I am looking for recommendations for a bank/credit union/etc that will write a line of credit against a whole portfolio of residential properties, as opposed to against a single property at a time.
I have 5 properties with a good amount of equity that I want to tap, and currently I have RELOCs against two of these. I have found that the smaller RELOC ($30k) carries a much higher interest rate than the larger ($110k). To avoid having to deal with multiple lines at various interest rates, I would like to find a lender that will offer a single line of credit against my full portfolio (which consists of 4 MF and 1 SF, in California and Florida).
I've called over 20 banks thus far, and have found lenders who will write me a loan against the full portfolio, but thus far I have not found someone who will offer a line of credit. HELP ME BP COMMUNITY MEMBERS!!!!!! Have you come across any lenders who will offer this????
Thanks in advance folks!